Investing in 2026: SCPI, a consistently winning strategy?

Faced with the increasing complexity of financial markets and the uncertainty characterizing the global economy, many savers are seeking safe and profitable investments for 2025. Real estate investment companies (SCPI) continue to attract considerable interest. This collective investment vehicle in real estate paper appeals because of its ability to offer stable returns, oriented toward the long term, while delegating asset management. However, recent real estate conditions have shaken some certainties. How to understand the dynamics of SCPIs in this new year? How relevant is this choice in a context marked by price declines and a variety of categories with divergent performances?

Among life insurance contracts or retirement savings plans (PER), the SCPI remains a favored asset, alongside OPCIs or SCIs. With several billion euros invested in 2024, it continues to attract thanks to its easy accessibility and attractive yields, higher than those of traditional euro funds. Diverse assets, rigorous management, rental performance, fees to be amortized: all essential elements for adopting a winning strategy and limiting risks. Major players like La Française, Amundi, Swiss Life or BNP Paribas REIM are increasing their presence, demonstrating ongoing confidence, even in the face of slight corrections.

This in-depth analysis will help you better understand SCPIs’ trends in 2025, their strengths, weaknesses, and especially how to wisely select the best opportunities to optimize your real estate savings and build a solid estate, while avoiding the pitfalls that may arise on the path of indirect real estate investment.

The performances of SCPIs in 2024: a key indicator to understand 2025

Data published by the French Association of Real Estate Investment Companies (Aspim) show an average SCPI yield in 2024 of 4.72%. This apparent progression is set against a contrasting context of share price evolution and a particular economic dynamic. In comparison, traditional euro funds, with capital guaranteed, delivered about 2.60% net of fees, confirming the attractiveness of real estate savings via SCPIs.

This performance results from a diverse distribution across market segments:

• Diversified SCPIs: an average yield of up to 5.8% in 2024, thanks to their ability to seize opportunities across various attractive sectors.
• Health and education SCPIs: approximately 4.0% distribution rate, but with a declining share price due to specific challenges.
• Office SCPIs: the most impacted sector, with share prices falling by nearly -7.1%, dragging overall performance in this segment down.

Investors should keep in mind that the rise in average yield is partly explained by a nearly -5% decrease in subscription prices of shares in 2023. This phenomenon dilutes the risk for new acquisitions but also poses a challenge for existing holders, such as La Française or AEW Ciloger. In all cases, it is crucial to examine the quality of the assets held by the SCPI before committing.

SCPI Category 🏢	Average yield 2024 📈	Price variation of shares in 2023 📉
Diversified	5.8%	+0.1%
Health and education	4.0%	-4.7%
Offices	about 3.5%	-7.1%
Commercial	4.2%	-0.4%

Among SCPIs known for recent declines, such as Génépierre, Edissimmo, or Rivoli Avenir Patrimoine (Amundi Immobilier), exemplary management appears to be a leverage to cushion these shocks and revitalize the portfolio in 2025. Trust in recognized managers remains a key factor for sustainable investment [source].

Which categories of SCPIs to prioritize in 2025 for guaranteed profitability?

In 2025, savvy savers aim to optimize their investments in SCPIs that demonstrate adaptability and effective diversification. The current trend especially favors:

• Younger and diversified SCPIs: they benefit from lower property values, which mechanically increases their rental yield and revaluation potential.
• Specialized SCPIs in promising sectors like logistics, health, and education, which remain relatively stable despite overall market fluctuations.
• Foreign SCPIs, via vehicles granting access to dynamic real estate markets, more resilient to French market fluctuations.

These implicit choices aim to counterbalance risk related to more fragile sectors, such as certain offices or retail spaces subject to more volatile economic cycles. Diversification also requires an attentive analysis of the size and distribution of assets:

• Favor portfolios consisting of numerous buildings with reasonable entry tickets (ideally under 10 million euros) to limit concentration risk.
• Examine the occupancy rate (TOF) and the location of properties, as these parameters ensure revenue sustainability.
• Consider tenant quality and their longevity to prevent overly long vacancy periods.

Selection criteria for SCPIs 🔍	Description	Example of management company ✨
Age of the SCPI	Prefer young SCPIs to benefit from current lower prices	Patrimoine Pierre, Voisin
Type of assets	Diversification of assets to limit sector risks	Swiss Life, AEW Ciloger
Investment capacity	SCPI capable of continuing to invest with advantageous property values	Amundi, BNP Paribas REIM

It is important to have a clear view of recent past performance of the SCPI and to consult regularly updated analyses (notably on Scpi.org) to anticipate fluctuations. Caution is advised, especially if you plan to invest in SCPIs that built up most of their assets during 2012-2021 [source].

The importance of the possession delay in SCPI profitability

The possession delay is a often underappreciated but crucial aspect in evaluating the profitability of SCPIs. It corresponds to the time between subscribing to shares and receiving the first dividends. This delay generally ranges from 3 to 9 months, depending on each company’s policy.

Here’s why this parameter matters:

• Impact on liquidity: during this delay, your capital is invested but generates no income, which can influence your cash flow, especially if you rely on these income streams to finance other projects.
• Effect on annual yield: a longer delay can mechanically increase the distribution rate shown in the first year, thanks to dividend deferral effects.
• Strategic choice: depending on your investment horizon, a shorter delay is often preferable to start receiving income quickly.

For example, the Iroko Zen SCPI offers a short possession delay of 3 months, providing a yield over 7% in 2024. If this delay had been extended to 6 months, the projected yield would have risen to over 8% (7.32% to 8.49%). These figures indicate that timing can change the perception of performance.

A concrete illustration:

• Buying shares in April with a possession delay set at the beginning of the fourth month after subscription results in a first dividend starting August 1.
• For quarterly payments, with dividends arriving in October, the delay also impacts the actual receipt date of funds.
• A 6-month delay will postpone actual income, requiring cash flow planning during this period.

Possession delay ⏳	Impact on annual yield (%) 📊	Consequence for the investor 💡
3 months	7.32%	Income received quickly, cash flow eased
5 months	8.08%	Apparent increase in annual yield
6 months	8.49%	Boosted yield, but longer wait before income

To deepen your understanding of applicable real estate income taxation, consult this helpful article on the taxation of real estate income in 2025.

SCPI and retirement savings: a growingly popular combination

Investing in SCPIs proves particularly strategic when combined with a Retirement Savings Plan (PER). This approach allows for tax advantages while diversifying one’s real estate patrimony. The success of this approach among investors is explained by:

• The possibility of funding the PER with SCPI unit-linked units, offering higher yields than traditional euro funds.
• The risk pooling inherent in SCPIs, which facilitates management compared to direct real estate investment.
• The stability of income flows, suitable for a long-term patrimonial vision, perfectly aligned with retirement objectives.

Between SCPIs marketed by groups like BNP Paribas REIM or Swiss Life, investors can find suitable formulas. It is nevertheless essential to evaluate the taxation and the estimated holding period to maximize net yields [source].

Advantages of SCPI in PER 💼	Description
Immediate tax benefit	Deduction of contributions from taxable income according to PER rules
Higher yields	Better than traditional euro funds, thanks to rental income from SCPIs
Delegated management	No rental worries, as the management company handles assets

Risks to consider before investing in SCPIs in 2025

Although SCPIs offer considerable advantages, it is important not to overlook certain risks that may impact profitability or liquidity:

• The risk of share value decline, especially for older SCPIs heavily exposed to segments like offices or certain retail spaces.
• The risk related to vacancy, with possible rent and yield decreases, particularly in certain geographic areas.
• The significant delay before receiving dividends, related to the aforementioned possession delay.
• High entry fees (between 8% and 10%), requiring a long-term investment horizon to amortize them.
• The difficulty of re-selling shares, which can reduce liquidity in case of urgent cash needs.

To mitigate these risks, it is advisable to:

• Prioritize SCPIs with significant diversification, to spread territorial and sector risks.
• Carefully examine the portfolio, occupancy rate, and rents.
• Consider diversifying investments between SCPIs and other products such as OPCIs or SCIs.
• Consult expert analyses, for example via Scpi.org, to identify the most robust SCPIs.

Risks of SCPIs ⚠️	Advice to limit them ✔️
Share price decline	Favor young diversified SCPIs
Vacancy	Analyze TOF and tenant quality
High entry fees	Invest for the long term (minimum 8 years)
Liquidity	Plan for diversified investments

It may be wise to consider additional and alternative real estate investments, sometimes promoted by specialized brokers like Stellium Courtage [source].

The impact of major management companies and their role in 2025

Powerful players such as Amundi, La Française, Swiss Life, AEW Ciloger or BNP Paribas REIM play a decisive role in the SCPIs market. Their expertise and capacity to manage large portfolios are a guarantee of reliability, but they also pose challenges for investors:

• These companies have resources to ensure active management, diversification, and good asset selection. This promotes resilience against fluctuations.
• However, they can influence share prices, particularly during significant changes in the real estate market.
• Their positioning in key segments (offices, retail, residential) impacts the overall performance of the SCPIs they manage.

For example, active management by La Française in its diversified SCPIs allows maintaining stable yields despite volatility. Conversely, concerns have been raised about certain SCPIs marketed by BNP Paribas, which face difficulties in the office segment [source].

Management company 🏢	Main specialty	Strengths 💪	Risks/Points of attention ⚠️
Amundi	Diversified, offices	Rigorous management, strong track record	Watch out for overvalued offices
La Française	Diversified SCPIs	Ability to invest across multiple sectors	Prices impacted in 2023-2024
Swiss Life	Health, residential	Strong presence in promising sectors	Narrow segmentation of patrimony
AEW Ciloger	Diversified, logistics	Dyanamic management, diversification	Exposure to specific markets

Strategies for successful SCPI investment in 2025

To develop an effective strategy in SCPIs, it is essential to consider current challenges and market specifics:

1. Set a long-term horizon (at least 8 years) to amortize high entry fees and fully benefit from yields.
2. Choose SCPIs with diversified patrimony, in various geographical areas and sectors, for example with evenly spread medium-sized assets.
3. Prioritize young or developing SCPIs, which benefit from the current economic environment.
4. Monitor possession delays and their effect on cash flow.
5. Consult specialists before any subscription and rely on platforms like Scpi.org for detailed analyses.

Here is a table summarizing the main points to consider:

Key point 🎯	Practical advice 💡
Investment duration	Plan for at least 8 years to amortize fees
Diversification	Invest in geographically and sectorally varied SCPIs
Asset analysis	Examine distribution, TOF, and rental quality
Possession delay	Ensure it aligns with your financial objectives

To go further and learn the best practices for your budget, click here: Crédit Agricole Assurance Prédissime.

FAQ about SCPI investment in 2025

• What is the minimum amount required to invest in an SCPI?
  The entry ticket varies depending on the SCPI, but generally, it is between 1,000 and 5,000 euros. Some life insurance contracts allow investing with a smaller capital.
• How is the yield of an SCPI calculated?
  The yield is the ratio of dividends paid over the year to the average share price. It can be affected by the possession delay and changes in share prices.
• Are SCPIs liquid?
  Liquidity is limited compared to stocks or SICAVs. Reselling shares can take several months. Hence, the importance of prudent diversification.
• What are the associated fees with SCPIs?
  They mainly include entry fees (8-10%), annual management fees, and sometimes exit fees. These fees reduce the yield unless the investment is held long-term.
• Can I invest in SCPIs via a PER or life insurance?
  Yes, many SCPIs are available within these contracts, allowing the benefit of both advantageous taxation and simplified management.